Insurance Plans 11786 views February 19, 2020

Best LIC Policy for 10 Years

Life Insurance Corporation is the oldest insurance provider India and was established by the Government of India. LIC offers a wide and variant range of products which include term life plans, endowment plans, savings as well as investment plans, child plans, retirement plans, etc. LIC is a state-owned insurance company and has a large customer base in India. LIC offers Insurance plans for different terms.

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Best LIC Policy for 10 years

LIC of India offers various Insurance policies to serve the variant needs and requirements of its customers. Some of the best LIC policies for 10 years offered are discussed below.

1. LIC single premium endowment plan

This LIC endowment plan is a non-linked insurance plan which offers participating benefits to the policyholder. Before the commencement of the insurance plan, full premium payments are required to be made. The plan offers the dual benefit of saving as well as protection of life in a single plan. With the help of dual feature you can ensure the financial security of your family at all times. On the death of the policyholder, it pays the sum assured along with bonus, if any and on the survival of the term of the policyholder, it pay the lump-sum assured as maturity benefit.

Features of LIC Single Premium Endowment Plan

  1. The full amount of premium on the policy is to be paid on the commencement of the policy.
  2. This plan offers reversionary or other additional bonus as declared by the company.
  3. The plan lapse after paying out the death or maturity benefit as applicable.

2. Aadhaar Shila

LIC Aadhaar Shila plan is a women-oriented policy which provides dual benefit of saving as well as life protection. The plan is introduced particularly for females. The insured’s family will receive the sum assured in case of unfortunate death of the policyholder during the tenure of the policy. In the case of survival, the sum assured will be paid in lump-sum on the maturity of the policy. Under this plan, no medical test is required and can be obtained by any standard healthy female.

Features of LIC Aadhaar Shila Plan

  1. The plan is offered only to female citizens and provides auto-cover facility.
  2. The plan provides some loyalty additions provided the death of the policyholder occurs after 5 years of the commencement of the policy.
  3. Optional riders can also be obtained on the policy and it also offers additional tax benefits.

3. LIC Tech Term Plan

The tech-term policy of LIC is a non-linked plan which offers pure-risk coverage. This plan provides financial support to the family of the policyholder on his/her death. This plan can be brought online and is a non-participating online pure risk life insurance cover. However, no benefit is payable under the plan if the policyholder survives the term of the policy. Hence this plan does not offer any maturity benefit.

Features of Tech-Term Plan

  1. The plan offers two options – Fixed Sum assured and Sum assured on increasing basis.
  2. You can choose the premium payment option from single or regular premium payment.
  3. It offers special rates of premium for women and also gives an option to receive the policy benefit in instalments.

4. Vaya Vandana Yojana

This LIC policy is a pension insurance plan introduced by the Government for senior citizens of India. It provides a boon in times of fall of the rates of interest. The scheme aims at providing regular pension to the senior citizens. Vaya Vandana Yojana is available for purchase both offline and online through the official website of LIC.

Features of Vaya Vandana Yojana

  1. The plan does not have any maximum age restriction.
  2. The scheme paybacks 98% of the purchase price od the policy in case of premature exit from the policy
  3. The scheme can be brought by paying the premium in lump-sum amount.

5. LIC’s New Endowment Plan

New Endowment Policy offered by LIC is a non-linked plan which offers participating benefit. For individuals who want to save along with their life insurance then New Endowment plan is suitable option for them. New Endowment Plan of LIC provides financial security to the insured’s family if the insured faces an unfortunate death during the term of the policy. Lump-sum amount is paid as maturity benefit if the policyholder survives the term of the policy.

Key features of LIC’s New Endowment Plan

  1. The plan offers participation in the profits of the company.
  2. The plan also offers loan facility to serve liquidity needs of the policyholder
  3. The payments of premium of the policy can be done yearly, monthly, quarterly or half yearly basis.

Conclusion

LIC offers various Insurance products and each product has its unique features and advantages. The best LIC policy for 10 years tenure can be different for different people. Most of the insurance policies offered by LIC have tenure of 10 years or more but the best policy is the one that fit your requirement and need. Hence, before you buy an insurance policy for a tenure of 10 or more than 10 years then you should take into consideration various your requirements and needs in order to make a informed decision.

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